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A delicious mix of Insurance and TV

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A delicious mix of Insurance and TV

Captive Agents Going Independent

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Who’s excited about employee agents starting their own independent agencies? Katlyn Eggar, that’s who, and her Quantum Assurance organization is focused on digital marketing support to drive what she says is growth in three years for these new agencies that used to take them 20 years. “There are some things that are broken in the insurance industry,” she says, and creating a strong employment brand is key. Quantum, an agency network, has spent time defining its brand and culture, Katlyn relates. For example, “Our mission is to democratize insurance so you can protect what matters most.” Quantum’s five core values: “We are ambassadors. We are stewards. We are owners. We are problem solvers. We are influencers.” Listen as Katlyn walks us through Quantum’s business model for onboarding new agents as well as carrier contracts, ownership, vesting and marketing.

This episode is supported by Personal Umbrella, where you can quote stand-alone personal umbrella policies of up to $5 MM in 3 minutes online — just by answering 4 simple questions.

The post Captive Agents Going Independent appeared first on Insurance Journal TV.

Nov 08 2021

32mins

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Get on Board with a ‘ZEO’ Group

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If you’d like to hire bright young talent in their early/mid-20s, then you need to speak Generation Z lingo! That’s right, and we have on hand for this fun installment an expert who’s done a lot of research and authorship around this huge new generation. Take a listen to former PR guy and Professor Mark Beal from Rutgers University. Learn what really drives Gen Z to want to join a workplace and how they consume information. You might be surprised! Clearly these folks would make an excellent addition to an insurance operation, if you can set it up right to attract and engage them with ideas such as a “ZEO” group for generating new ideas. (Bonus: You’ll learn what “Spill the tea” means.)

This episode is supported by Personal Umbrella, where you can quote stand-alone personal umbrella policies of up to $5 MM in 3 minutes online — just by answering 4 simple questions.

The post Get on Board with a ‘ZEO’ Group appeared first on Insurance Journal TV.

Oct 25 2021

31mins

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EP.35: Will Cannabis Legalization, or Safe Banking Pass This Year?

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It’s part of just about every cannabis conversation: “Hey, it looks like we’re close to seeing cannabis legalized. Is this the year?”  There are three promising cannabis bills in Congress – two that would legalize or at least decriminalize cannabis, and one to create SAFE Banking. All three have strong support, but could they take a backseat in an essentially deadlocked government on first-in-line issues like infrastructure and spending? We spoke with Paul Armentano, deputy director of NORML, and Morgan Fox with the National Cannabis Industry Association, to see where these bills stand.

This episode of the Insuring Cannabis Podcast is supported by CannGen Insurance Services, LLC.  Providing comprehensive insurance coverage for the cannabis, CBD, and hemp industry on a nationwide basis for all product lines.

The post EP.35: Will Cannabis Legalization, or Safe Banking Pass This Year? appeared first on Insurance Journal TV.

Oct 21 2021

14mins

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EP.25: These Women Are Fighting Cyber Crime and Cybersecurity’s Gender Divide

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Growing ransomware attacks aren’t the only issue concerning the cybersecurity industry today, according to experts on this episode of The Insuring Cyber Podcast. Another concern within the cybersecurity workforce is the gender gap.

“I do believe that whatever we have done until today to encourage more women into the cybersecurity field, it is still not enough,” said Dr. Magda Chelly, a cybersecurity professional, former chief information security officer, public speaker and entrepreneur. She describes herself on Twitter as a cyberfeminist and also founded Women on Cyber Singapore, an organization that offers training, mentorships, events and scholarships in cybersecurity, as well as career advancement for female professionals aiming to start or continue a cybersecurity career.

“I feel like cybersecurity really, truly requires a general shakeup,” added Theresa Payton, CEO and chief advisor for cybersecurity consulting firm Fortalice Solutions and author, with her latest book titled Manipulated: Inside the Cyberwar to Hijack Elections and Distort the Truth. Payton also previously starred in the former CBS TV series, Hunted, a reality show in which teams competed to stay off grid and disappear in today’s digital world.

These two women joined the latest episode of The Insuring Cyber Podcast to discuss the lack of gender diversity within cybersecurity and how the field can work to become more inclusive when attracting talent. This is something Payton knows all too well after making history as the first female to serve as white house chief information officer overseeing IT operations for George W. Bush and his administration from 2006 to 2008.

“At the time, it was interesting, because as I was walking around my first day and getting introduced to the team,” she said, “I kept having different people once in a while say – I’m paraphrasing – but something to the effect of, ‘Oh, you’re not what I expected.’”

Indeed, Washington D.C.-based thinktank New America reported that although the number of women in the cybersecurity field is increasing, it’s still an overwhelmingly male dominated industry.

A recent (ISC)2 cybersecurity workforce report found that according to survey results, women currently account for about one quarter of the overall cybersecurity workforce.

The New America report cited a 2017 Global Information Security Workforce Study on Women in Cybersecurity from the Center for Cyber Safety and Education, (ISC)2, Alta Associates, and Frost and Sullivan, which found that women at nearly every level of cybersecurity are paid less than their male counterparts, and more than half of women in cybersecurity report that they have experienced discrimination, compared with only 15 percent of men.

Payton said she believes the lack of gender diversity is partially because the cybersecurity field has a branding problem.

“What image flashes in your mind when you hear the word cyber crime? Is that image a room filled with happy, diverse, productive people making a difference? Or is it a guy hunched over his computer wearing a dark hoodie?” Payton said. “If you’re a woman looking at the next 30 to 40 years of your work life, which career would you choose? One that looks ominous?”

She said that to dismantle hurdles not just for women, but for all underrepresented groups in the industry, hiring managers need to expand their criteria.

“Degrees and certifications might be an indicator of a successful hire, but it should not be the only one,” she said. “Really, the best cybersecurity professionals, and women especially, are insatiable learners. They’re highly skilled problem solvers. And they’re always thinking about designing for the user without underestimating the adversary. So I always say take a chance on a different degree or a different background and invest in cross training so that you can attract more women.”

She added that representation goes a long way, as role models and encouragement are vital for attracting underrepresented groups of professionals to the field.

“I firmly believe that although we lack D&I (diversity and inclusion) in cybersecurity, and it’s a compounding problem,” she said, “we don’t lack talented women who are out there looking for their next career opportunity.”

To those women, Dr. Chelly said it is important that as the field aims to broaden its scope when seeking talent, female cyber professionals also broaden their minds as to what their careers can look like.

“Do not assume that a career looks in a certain way, that your job will look in a certain way, and that you need to do things in a certain way. Those are all preconceptions,” she said. “Everyone has his own or her own journey. So depending on your life experience, depending on what you want, you will be able to build your career and your life as you wish.”

She added it is important to remain open to learning and evolving with specific goals in mind.

“It is really important to be sure that you understand what you want to achieve, what are your goals that you are looking towards, and that you are able to judge yourself in a very objective way,” she said.

However, she offered one additional word of advice.

“This does not mean that, for example, a female professional needs to achieve perfection,” she said. “Perfection does not exist.”

In fact, letting go of the idea of perfection serves as an important lesson for companies and individuals when thinking about their cybersecurity as well.

“There is no 100% security,” Dr. Chelly said. “No matter what every company will do, no matter what an individual will be able to do around their own cybersecurity, there is always a residual risk. And therefore, there’s always a possibility that someone, somewhere, will be hacked.”

This is where monitoring comes in as an important tool for prevention and reducing the impact of cyber events after they occur, she said, adding that another tool that is crucial for companies is cyber insurance.

“Whenever we are actually exposed to a cyber attack that is successful, we might actually have or incur really big financial losses. And therefore, those financial losses might actually have a negative impact on our business, on our cashflow,” she said. “What can help is cyber insurance.”

It’s no question that as attacks continue to evolve in both frequency and severity, the cybersecurity field will need a broad array of professionals who can provide education and services for companies and individuals in need of protection.

“In order to address this shortage of diverse talent and women in cybersecurity, we really need to focus on the fact that there are lots of talented and strong women in the workforce,” Payton said. “We just need to attract them and give them the mentors so that they’ll come on over and fight cyber crime with the rest of us.”

Check out the rest of this episode to find out what else Magda and Theresa had to say, and be sure to check back for new episodes of The Insuring Cyber Podcast publishing every other Wednesday along with the Insuring Cyber newsletter. Thanks for listening.

The post EP.25: These Women Are Fighting Cyber Crime and Cybersecurity’s Gender Divide appeared first on Insurance Journal TV.

Oct 20 2021

51mins

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InsurTech Orion180 Expands Homeowners Presence

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Ken Gregg, CEO of Orion180, readily admits his original insurtech plan back in 2014 was a direct-to-consumer personal lines model. He adjusted to engage primarily with independent agents instead, and the firm has seen success and growth in homeowners. Ken expects to be in 30 states by 2024 and introduce personal auto as well. Listen as he lays out the business strategy and points of differentiation for agents and consumers with the typical carrier homeowners market. He highlights Orion180’s home-grown technology as unique.

This episode is supported by Personal Umbrella, where you can quote stand-alone personal umbrella policies of up to $5 MM in 3 minutes online — just by answering 4 simple questions.

The post InsurTech Orion180 Expands Homeowners Presence appeared first on Insurance Journal TV.

Oct 11 2021

26mins

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EP. 2: The Insurance Network Podcast – Anticipating Change for a More Successful Agency

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You are listening to “The Insurance Network” – a podcast series focused on the success of independent insurance agents! In each episode, we’ll be featuring leaders and exploring new innovations in the insurance industry.

In this episode, our host Dr. Brenda Wells welcomes Gerald Ladner, Vice President-Strategic Agency Partnerships and External Affairs at State Auto Insurance to talk about how independent insurance agents can anticipate change and evolution to make them more successful.

The post EP. 2: The Insurance Network Podcast – Anticipating Change for a More Successful Agency appeared first on Insurance Journal TV.

Oct 11 2021

34mins

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EP. 34: Insuring Cannabis is Impossible Without Surplus Lines, so a Hardening Market is a Thing to Watch

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It may not come as much of a surprise to those who know about insurance and cannabis that the business is written mostly by the surplus lines market. Just how much is written there vs. the admitted market? Estimates range from well far north of 50% to 90% or better. But the real news peg here is this: the surplus market is hardening, so those hoping to see premiums go down likely won’t be getting their wish any time soon.

This episode of the Insuring Cannabis Podcast is supported by CannGen Insurance Services, LLC.  Providing comprehensive insurance coverage for the cannabis, CBD, and hemp industry on a nationwide basis for all product lines.

The post EP. 34: Insuring Cannabis is Impossible Without Surplus Lines, so a Hardening Market is a Thing to Watch appeared first on Insurance Journal TV.

Oct 07 2021

14mins

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EP.24: Are Public, Private Partnerships the Answer to Cybersecurity’s Risk Management Problem?

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The Biden Administration is increasingly prioritizing growing ransomware threats as a risk management problem, according to guests on the latest episode of The Insuring Cyber Podcast.

This comes as four insurance firms — Travelers, Coalition, Resilience Cyber Solutions and Vantage Group— were among the participants in the White House summit on cybersecurity in August along with technology firms and Biden Administration officials. The aim was to discuss how these groups can work more closely together to improve the nation’s cybersecurity, particularly as U.S. public and private sector entities increasingly face cyber attacks.

“Wasn’t it interesting that the very first question by the President to that group of executives … was to a cyber insurance executive about this?” said Chris Finan, chief operating officer at ActZero, an artificial intelligence-driven cybersecurity start-up. “So if that doesn’t demonstrate, I think, the importance of this and getting it right … I don’t know what will. I was very pleased with that focus by the President. It does seem to be priority. I felt they had the right people around the table.”

Finan has more than a decade of experience working in cybersecurity and previously served in the Obama Administration as the director for cybersecurity legislation and policy on the National Security Council staff in the White House. He said he hopes to see momentum building toward a more standardized framework to measure risk as ransomware threats continue to grow, with AM Best recently reporting that ransomware now accounts for 75% of all cyber insurance claims.

“I think we can expect further actions from the administration, NIST (The National Institute of Standards and Technology) and DHS (The U.S. Department of Homeland Security) to now promulgate more sophisticated security standards, particularly ones that are more focused on ransomware controls,” he said.

Joshua Motta, CEO and co-founder of cyber insurance and security provider Coalition, agreed.

“I think that the government is acutely aware of how large of a threat [ransomware] is to the U.S. economy, and they’re taking actions,” he said.

Coalition was one of the four insurance companies invited to meet with President Biden at the summit.

“I think they were really looking at the insurance industry to be a driving force for setting those standards, for making sure that businesses have the appropriate minimum controls and hygiene in place and using the industry as a force to really try and incentivize the adoption and awareness of this problem,” he said. “That insurers were even invited is important to take stock of, and I think it’s indicative of the fact that [the federal government] views this as a risk management problem.”

He said that since insurance companies work to quickly respond to market forces and have a financial incentive to protect customers, the industry can be used as a mechanism to enforce cybersecurity hygiene.

“There’s very much asymmetry between the people who are attacking businesses, who only have to get it right once, and those who are trying to defend themselves who have to be right all the time,” he said. “And I think that the administration, the government, realizes that insurance companies can act like private regulators in a sense.”

Finan said he hopes to see a convergence between the public and private sectors on a set of ransomware controls and a framework to measure whether those controls are effective. In turn, he said this can create efficiencies in data collection and measurement that will help the insurance industry transfer risks smartly and efficiently.

“It starts at the c-suite. Is this a priority? Are you measuring it? Are you holding people accountable?” he said.

Motta added that although security took the backseat in software development for quite some time, businesses are now realizing they need to find better ways to protect themselves, particularly during the pandemic shift to digital for many working environments.

“I think most businesses are coming to the realization that they’re digital businesses, irrespective of what industry they’re in, when they were founded, whether they are technology companies or not,” he said. “If they’re dependent on a working computer and internet connection, they have cyber risk. They have technological risk.”

This is where the public and private sectors can come together to help organizations navigate their own cyber risks, Motta said.

“Unfortunately, many are not in the best position to figure out how to do that,” he said. “They’re busy enough trying to navigate a pandemic and keep their business going and focus on their core operations. Becoming an expert in cybersecurity and how to defend themselves is a daunting challenge, right?”

Finan agreed, adding that there is a lot of value in implementing best practices and a framework to measure and understand the effectiveness of risk management programs and reduce risk overtime.

“I think the thing that really stands out to me is that there are no magic bullets,” he said. “A lot of this is just really hard.”

To find out what else Joshua and Chris had to say, check out the most recent episode of The Insuring Cyber Podcast. Be sure to check back for new episodes publishing every other Wednesday along with the Insuring Cyber newsletter. Thanks for listening.

The post EP.24: Are Public, Private Partnerships the Answer to Cybersecurity’s Risk Management Problem? appeared first on Insurance Journal TV.

Oct 06 2021

27mins

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Insurtech Lessons: An Insider’s View

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Bryan Falchuk isn’t your average author and speaker. He spent 20 years as a self-described “P&C guy.” That gave him the background and passion to write a book called “The Future of Insurance: From Disruption to Evolution,” which includes a volume on incumbent insurers as well as one on startups. In his latest work on insurtechs, Bryan provides some fascinating lessons for both legacy and new players through a series of case stories featuring the likes of Kin, Thimble, Clearcover, Next and more. Clearly, there are some takeaways from how insurtechs got funded, launched and evolved. Deploying capital wisely is one. Diversifying thinking is another. Listen as Bryan provides advice for any player that wants to create a distinct marketplace advantage.

The post Insurtech Lessons: An Insider’s View appeared first on Insurance Journal TV.

Sep 27 2021

37mins

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EP. 33 Claims Data on Crime at Cannabis Operations Points Finger at Insiders

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Based on its most recent claims data, one big national cannabis insurance firm found that many thefts at cannabis operations are occurring overnight. And based on security footage and other available evidence, it appears criminals are often getting in and out quickly – perhaps a bit too quickly. Our latest podcast offers some intriguing claims data and anecdotes from a top cannabis insurance underwriter, and some security advice for brokers and their cannabis clients from a former police officer.

This episode of the Insuring Cannabis Podcast is supported by CannGen Insurance Services, LLC.  Providing comprehensive insurance coverage for the cannabis, CBD, and hemp industry on a nationwide basis for all product lines.

The post EP. 33 Claims Data on Crime at Cannabis Operations Points Finger at Insiders appeared first on Insurance Journal TV.

Sep 23 2021

15mins

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EP.23: Employees May Not Be Working Inside Office Buildings, But Cyber Criminals Are

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The normal bustle inside of many office buildings has come to a halt during the pandemic switch to remote work, but these empty buildings could be inviting a different kind of activity: cyber crime.

“With any type of confusion, and certainly one at the scale of a pandemic and mass exodus from office buildings, the bad guys see opportunities,” says Michael Bahar, litigation partner and co-lead of the global cybersecurity and data privacy practice in Eversheds Sutherland’s Washington D.C. office, in this episode of The Insuring Cyber Podcast. “They prey on that confusion. When you have physical office spaces and workspaces suddenly vacated, that’s a real opportunity for the bad guys to find another way to attack organizations.”

Justin Fier, director for cyber intelligence and analytics at cybersecurity technology company Darktrace, says earlier in this episode that office buildings emptied during the pandemic can present concerns ranging from something as sophisticated as entrepreneurial criminals setting up Bitcoin mining systems in closets that nobody knows about, or something as simple as a criminal walking into a building and plugging into an empty ethernet port.

“The sheer fact that there isn’t a physical presence is probably the biggest concern,” he says.

Michael says when attention is focused elsewhere, it’s easier for malicious actors to gain a foothold into companies’ networks. This means those with vacant office spaces during the COVID-19 remote work environment need to align their cybersecurity efforts with what has been called “the new normal.”

“It’s about saying, ‘Okay, here’s the new normal. What can we do in light of this new normal?’” he says.

He suggests guidance for password security and avoiding public WiFi are just a couple of simple steps companies can take to protect their networks. While some companies have permanently made the switch to remote work, meaning there’s no longer a need for the real estate, others have remained hopeful that a return to the office will happen at some point, at least in part. As companies begin to return to the office, however, Michael and Justin say vigilance is key.

“As we do start to embrace some of the more hybrid lifestyle, it’s just a new set of security challenges, whether it’s IoT (internet of things) or just readapting back to office life when we’ve grown all so accustomed to the work from home atmosphere,” Justin says. “When we would deploy, we would find all sorts of things customers didn’t even realize were on the network … if we couldn’t monitor those devices remotely, we are literally Trojan horse walking these things right back into our environment.”

As Justin mentions in this episode, IoT technology presents its own set of concerns.

“How about the new host of IoT devices that our environments are going to have, like FLIR (thermal imaging) cameras checking the physical temperatures of people when they walk through the security gate to make sure they don’t have a fever or symptoms, or air quality sensors making sure the carbon dioxide levels are within specs with all of the air scrubbers that are happening all over the place?” he says. “There’s going to be a whole new host of environmental IoT devices that are going to be a part of our network. And we need to be careful about IoT, because even though we are approaching 2022, IoT is still wildly insecure.”

Michael adds that while many companies are placing a focus on the transition back to the office, it’s important that they don’t lose sight of their security plans in the process.

“When you’re laser focused on one thing, there’s always the risk that you’re distracted or you’re not that focused on something else, so I would anticipate that malicious actors are circling the gates,” he says. “They’re preparing themselves for another wave of attacks as companies try to adapt to a hybrid working environment.”

So, what can companies do to stay protected?

“Be prepared,” he says. “Hope is not a plan. Instead, you want to plan for the worst and hope for the best.”

He says that many times, companies mistakenly believe that the worst-case scenario is a breach.

“Well, yeah. The breach is really, really bad, but it’s actually not the worst-case scenario, because the worst-case scenario can be the litigation, the regulatory enforcement action, the business interruption and the reputational damage that could come from a breach that was not optimally handled, precisely because it wasn’t well-planned for,” he says. “And that is what transforms a bad day into potentially a tragic year or tragic years.”

With this in mind, companies need to be focused on carefully thinking through their cybersecurity plans while also maintaining the flexibility to quickly adapt to new threats, he says.

“We don’t want to be slaves to the plan. We want to think things through, but we have to be able to adapt, because the malicious actors – they’re real. They’re largely alive. They’re going to react to your moves. They’re going to anticipate some of your moves,” he says. “When you see in that room, that crisis response room, everybody’s head turning one way, that’s always a good indicator that you should probably look the other way as well, because something else might be going on.”

Check out the rest of the episode to find out what Justin and Michael had to say, and be sure to check back for new episodes of The Insuring Cyber Podcast publishing every other Wednesday along with The Insuring Cyber newsletter. Thanks for listening.

The post EP.23: Employees May Not Be Working Inside Office Buildings, But Cyber Criminals Are appeared first on Insurance Journal TV.

Sep 22 2021

27mins

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EP. 1: The Insurance Network Podcast – How Carriers Help Agents Succeed in Changing Times

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Introducing “The Insurance Network” – a podcast series focused on the success of independent insurance agents! In each episode we’ll be featuring leaders and exploring new innovations in the insurance industry. Guiding our conversations is our host Dr. Brenda Wells, the Robert F. Bird Distinguished Professor & Director of the Risk Management Program at East Carolina University. Dr. Wells is a career educator and published journal author with over three decades of experience in insurance and risk management.

In this first episode, Dr. Wells speaks with national relationship executive for Safeco and Liberty Mutual, Marc Behrhorst. He has held numerous management and leadership positions in his 29-year career. His current focus is on developing productive relationships with his independent agency business partners. Listen as they discuss how societal and technological shifts are impacting how customers want to engage with an insurance agent/agency.

The post EP. 1: The Insurance Network Podcast – How Carriers Help Agents Succeed in Changing Times appeared first on Insurance Journal TV.

Sep 20 2021

32mins

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Your Net Promoter Score is 23: So What?

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What if your organization’s Net Promoter Score (NPS) was 23? Does it mean anything? Insurance research professional Kevin Jenne breaks it all down for us on this recording, and it could challenge your thinking about the why and how of customer research. NPS has limitations, Kevin says, as it can represent “data without insight.” Instead, Kevin challenges us to dive deeper to learn more about our business partners and customers. And there are many more research tools at our disposal beyond NPS. “Driving a car has never been as simple as staring at a speedometer, especially a broken one. So why should we imagine that understanding your customers would be that simple?”

The post Your Net Promoter Score is 23: So What? appeared first on Insurance Journal TV.

Sep 13 2021

26mins

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EP. 32: Innovations in Products, Services Signal Optimism for Sorely Underserved Market

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The insuring cannabis space has been busily bringing new products and services to operators as of late. New D&O products, and new risk management services were among the August innovations, and more are likely to come as cannabis becomes ever more broadly accepted and legitimized. We talked to three new product and services innovators about their offerings, and why they felt now was the time add to a continually underserved market.

The post EP. 32: Innovations in Products, Services Signal Optimism for Sorely Underserved Market appeared first on Insurance Journal TV.

Sep 09 2021

12mins

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EP.22: How NFTs Can ‘Break the Fourth Wall’ Between Digital and Physical Assets

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pplpleasr, a New York City-based multi-disciplinary artist, first became interested in digital art while watching the Pixar-produced film Wall-E in college.

“When I watched the credits, there were so many names in the credits, and I thought, “Oh, there’s no reason why I can’t be one of those names,’” she says during the most recent episode of the Insuring Cyber Podcast. “And then I literally went on Google and typed, “How do I get a job with Pixar?”

She didn’t know then that the internet would play a role in launching her career as an artist to new heights.

After working on visual effects for feature films, commercials and Blizzard game cinematics, she went viral last year for creating original animations for well-known crypto brands and was approached by Uniswap, a decentralized finance protocol used to exchange cryptocurrencies, to create a promo video for the launch of its new algorithm.

What she didn’t expect was that the video, in which a unicorn brings life to a desolate land and awakens various elements of decentralized finance in the process, would sell for more than half a million dollars as an NFT, or nonfungible token, after her friends and fans created a DAO – a decentralized autonomous organization called pleasrDAO – to purchase the NFT and support her future work.

Since then, her work regularly goes viral, and her most recent project is no exception. She designed the cover for Fortune’s August/September 2021 issue, which was sold as a limited series of NFTs.

“When I published it online, initially, I got overwhelmingly positive responses from the community. And I thought that was amazing, but it’s even crazier now that the physical magazine is out, and it’s literally being sold out everywhere,” she says. “To me, it was like breaking the fourth wall, seeing it carry from the digital world to the real world that I actually live in.”

Honor Palmer-Tomkinson, an account handler on the fine art and species team at specialty insurance broker Howden Group, earlier in the episode describes NFTs as digital tokens that are traded like cryptocurrency and attach to assets to prove authenticity and original ownership. She says there is a new dawn of crypto artists emerging who are working entirely behind their computers, as well as real life artists creating NFTs of their artwork, and even a merging between the two.

“The art world has seen a transformation in the NFT space,” she says. “It’s definitely creating a ripple that we’re going to continue to see.”

However, concerns do exist, particularly among the insurance industry regarding how exactly NFTs for things like artwork can be insured.

“There’s been such a dramatic increase in value in NFTs,” Palmer-Tomkinson says. “That is why it’s such an unstable asset, because nobody quite knows where the market is going to go next because the market’s so young.”

She says that currently, NFTs can be insured in the same way as cryptocurrency, in which a private key is held in cold storage by a third party and standard coverage would include deliberate loss or damage to that key.

“So the purchaser would be a third party custodian who’s holding the NFT on behalf of the client,” she says. “At the moment, we can’t offer first party insurance because of the moral risks surrounding the volatility of NFTs.”

pplpleasr says she feels optimistic that as the industry grows and matures, some of these concerns will subside. However, she cautions that a healthy amount of research and understanding of the space goes a long way.

“Everything is speculative. NFTs are just like any other crypto asset. While you’re trading, you should be careful and do your own research. And there’s obviously risk involved,” she says. “Just with crypto in general, I think there are bull markets and bear markets. Right now, we’re in an NFT bull market. Everyone who’s playing the game should just be mindful of these cycles and just know what they’re getting into.”

That said, Palmer-Tomkinson says the potential for NFTs not just in fine art, but in other areas of digital ownership, is far reaching.

“I honestly think it’s just the tip of the iceberg. I think the potential for NFTs stretches far beyond what they do right now,” she says. “I think digital assets will eventually transform the way we own things in the real world and it will be really interesting to see, if I buy a house in 10 years’ time, will my proof of authenticity be in the form of an NFT rather than a contract? I think that there’s huge space for growth in this field, and I think it will transcend just the art world.”

That sounds like another podcast episode for another day. If you missed part one of the Insuring Cyber Podcast’s two-part series on NFTs, be sure to check it out on insurancejournal.tv. Check back for new episodes of this podcast publishing every other Wednesday along with the Insuring Cyber newsletter, and thanks for listening.

The post EP.22: How NFTs Can ‘Break the Fourth Wall’ Between Digital and Physical Assets appeared first on Insurance Journal TV.

Sep 08 2021

38mins

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‘Courageous Conversations’ Leading Change

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Insurance professionals on the P&C side likely have never met our guest Stephanie Dunn. Even more reason to take a listen to this recording with a life reinsurance executive who is helping to lead change at her global company, SCOR. Stephanie’s story about diversity and inclusion is highly personal, so she’s invested in a different way. While her firm had conducted many diversity-related programs over the years, but “like many companies we were not having those hard conversations.” Until recently. “There’s a lot of activity and momentum right now.” Stephanie is optimistic about the insurance industry’s future as an employment brand that champions diversity and inclusion for all the right reasons.

The post ‘Courageous Conversations’ Leading Change appeared first on Insurance Journal TV.

Aug 30 2021

30mins

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EP. 31: What Makes a Good Cannabis Broker? Horror Stories from The Experts

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Here’s a doozy: A broker hands an underwriter an application for a cannabis operation. No red flags so far, but then the underwriter takes a look for himself and finds a converted residence smack in the middle of a neighborhood, complete with minors on the site, a swimming pool, and a shack being built up to become a dispensary. Cannabis brokers deal in a frontier industry with so many rules and regulations, so many different levels of business experience and interesting personalities, and a whole lotta people stepping over – and sometimes on – a whole lotta landmines.

The post EP. 31: What Makes a Good Cannabis Broker? Horror Stories from The Experts appeared first on Insurance Journal TV.

Aug 26 2021

18mins

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EP. 21: Pushing Boundaries: Are NFTs the Next Frontier for the Fine Art Market?

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As anyone who works in insurance knows, technology is powerful enough to transform any industry. And the fine art market is no exception.

“I think it’s the nature of the art world to constantly be looking to the next thing,” says Mary Pontillo, senior vice president of the Dewitt Stern Fine Arts Practice at Risk Strategies, in this episode of the Insuring Cyber Podcast. “I think that’s the nature of artists – just constantly pushing boundaries.”

With this in mind, Pontillo says it makes sense that a shift to buying and selling digital art through NFTs, or non-fungible tokens, would be the next frontier that artists would look toward, particularly in an increasingly tech-oriented world.

Non-fungible means something that is unique or unable to be replicated. These NFTs act as a form of cryptocurrency that allow intellectual property ownership of digital items to be bought and sold and that ownership to be tracked via blockchain technology. They’ve become particularly popular in the fine art world with new works being created by artists as NFTs, but they have also popped up in sports and pop culture, where famous tweets and images for example are being sold as NFTs.

While some are optimistic about the future of NFTs in the fine art market, others have concerns about their volatility. And perhaps just as important as the question of whether they’re here to stay is the question of how NFTs for fine art can be insured.

Although ownership exists in the sense that buyers receive an exclusive private key to the NFT, the item itself can still be viewed by others, and there lies the first challenge.

“It’s a little different mindset than the traditional collector who might have a work that they own, that’s hanging on the wall in their private home, that doesn’t necessarily feel ownership to the same degree,” says Rob Rosenzweig, national cyber risk practice leader for Risk Strategies, speaking along with Pontillo on this episode.

It could also potentially lead to issues of theft and vandalism, Rosenzweig says.

“There’s the ability that somebody who doesn’t have the authority in some way alters the image, thereby decreasing the monetary value that’s been assigned to this NFT as a piece of art or as a collectible,” he said.

This challenge is one that can be easily solved by a commercial insurance policy, however, if the digital work is damaged and devalued, he says. But theft of the private key for the work is a tougher challenge for insurers to tackle.

“Just generally speaking, NFTs aside, for the crime fidelity underwriters in the marketplace in cyber – underwriters that provides some level of crime coverage – it’s always been a challenge when the loss that we’re trying to adjust is that of a collectible as opposed to money, securities or other tangible property,” Rosenzweig says.

Pontillo says one possible solution still in the works is that a custodian or storage company could store physical key access to the NFT and insure it for the client, even if the third-party storage company doesn’t own the work itself.

“This could actually potentially be extended to a dealer or a gallery and art warehouse,” she says. “If they want to store the key that’s owned by their customer or a museum, et cetera, because they’re selling or storing the art – the NFTs – then the dealer or the gallery could potentially buy the policy but just for the loss of the actual key.”

This also presents its own challenges, however, she adds.

“You can see how there’s a moral hazard there,” she says. “If the market crashes, it’d be easy for me to destroy my own key and then make a claim for the full value of the NFT. Whereas if someone else is storing it for me, underwriters are more comfortable with this.”

Given all of the potential risks and unanswered questions, how likely is it that NFTs will stick around and that insurers will become more comfortable with providing coverage?

“Our main focus every day is to make sure we’re providing solutions for our clients,” Pontillo says. “So we want to make sure that we do have some options for clients that come forth with NFT exposures and that we can have a conversation with them and tailor some sort of coverage. So I think as long as there are people that are looking for coverage, there’ll be some developments. I’m just not exactly sure how comprehensive the coverages will be moving forward.”

Rosenzweig agrees.

“I think we’ll see it stay to some degree,” he says. “Will the popularity wane a little bit, and some of the price points that these are trading for calm down? Probably. But it’s still fairly early days.”

Check out the rest of this episode to see what else Rob and Mary have to say, and be sure to check back in two weeks for part two of the Insuring Cyber Podcast’s NFT series. Thanks for listening.

The post EP. 21: Pushing Boundaries: Are NFTs the Next Frontier for the Fine Art Market? appeared first on Insurance Journal TV.

Aug 25 2021

22mins

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Boomers: This Podcast Is for You

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Our good friend and insurance education icon Chris Amrhein joins us for a chat. And if you’ve ever attended one of his webcasts or classes, you’ll enjoy this new material. That’s because Chris takes on some “important but not urgent” topics. So many insurance professionals nearing retirement have questions: What to do about Social Security and Medicare? How do you shift your attitude from accumulation to spending? What to do about all the conflicting advice? Do not fear these big decisions, Chris admonishes. His “Adventures in Aging” webcast series provide lots of practical advice. “Many people – even life insurance professionals – are extremely competent, but when it comes to these financial questions, it’s just not something they were taught in school.” As Chris himself makes all these decisions too, he imparts some storytelling of his own.

The post Boomers: This Podcast Is for You appeared first on Insurance Journal TV.

Aug 16 2021

34mins

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Agents: Here’s Your Digital Roadmap

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Repeat “On Point” guest Tyler Asher obviously has a vested interest in seeing more agents investing in digital capabilities to improve customer service. He leads independent agency distribution at Liberty Mutual. But Tyler and team rely on agent and customer research to demonstrate which particular improvements drive the most success. This isn’t a nice-to-have, he says. More than eight of 10 consumers believe a firm’s digital experience is either somewhat or very important when they are considering doing business. Tyler also offers ideas on how agents can prioritize their investments in some 15 different digital capabilities – from fundamental to advanced.

The post Agents: Here’s Your Digital Roadmap appeared first on Insurance Journal TV.

Aug 02 2021

30mins

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By Pretzel! - Jun 16 2019
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You have good topics but your podcast doesn't work. You can't listen to it.